July 22 (Reuters) - Oil and gas company Max Petroleum Plc said it was reviewing strategic options, including asale.
The London-listed firm, which has majority of its operationsin Kazakhstan, said it had appointed Blackstone GroupInternational Partners LLP as the exclusive financial adviser toconduct the formal sale process.
The strategic review follows a tumultuous few months whereit has slashed its full-year production target, implemented costcuts and has seen large shareholders - UBS Investment Bank andHenderson Global Investors - drastically reduce their stake inthe company.
The company said on Tuesday it would also consider a merger,an acquisition or a subscription of its securities by a thirdparty.
Max, which has a market value of about 30 million pounds($51 million), said it was also looking at disposal of assets orfarm down.
Under a farm down agreement, a small, licensed explorationcompany that has struck oil or gas reduces its investment costsby selling a share in its rights over the discovery to anotherfirm.
Shares in the company closed at 1.37 pence on Tuesday.
($1 = 0.5864 British Pounds) (Reporting by Esha Vaish in Bangalore)
